As we move along into this new year, I’d like to take a moment to thank you for your ongoing support of each other, our industry, and Nicsa during the last twelve months.
2022 was a very special year for Nicsa as we celebrated our 60th anniversary. I’d like to highlight some of the ways we’ve been working to advance the industry and promote best practices. Please join me for a moment to look at how critical connections among our membership, including asset managers, wealth mangers, broker dealers and service providers, have shaped and powered the industry.
As all of you are aware, Nicsa is a volunteer organization, and we are dependent on our committees to produce the content and programming that you get to experience throughout the year. We’re very humbled to have over 500 volunteers working to bring the very best information and education to our members. It is very impressive.
Continuing Education at All Levels
Educational content has always been a focus for Nicsa, and in 2022 we launched a brand-new initiative, Nicsa Accelerator. Accelerator is a professional development program aimed at providing members with educational opportunities for the industry’s current and future leaders. I’m very excited about our course offerings for 2023 and encourage you to familiarize yourself with these opportunities, take advantage of them yourself, and/or recommend them to a colleague.
Engaging Next Gen Leaders
We’re keenly aware that engaging next gen leaders is a critical issue for our industry. We recognized our second cohort of Rising Stars this year, and continue to celebrate rising talent with Emerging Leaders, and NOVA Awards programs. I encourage you to get to know our most recent awardees. They are among the best and brightest in our industry and I look forward to their contributions in the years ahead.
Connecting Our Members
Nicsa is dedicated to working to accelerate DEI across our industry. As part of these efforts, Nicsa’s Diversity Project North America hosted the 2022 Fearless Leadership Symposium in October, an event focused completely on DEI content, training, and education. With events like the FLS, we aim to lift the voices and visibility of underrepresented groups, assuring that these perspectives are heard and seen by industry thought leaders. We also provide a platform for our members to incubate powerful ideas and champion for change in the years ahead. FLS 2023 planning is currently under way and is expected to take place in NYC later this year.
Personal connections are what Nicsa is all about. In a year that continued to limit and challenge in-person engagement, Nicsa offered several opportunities for our members to network with old and new acquaintances, including our Boston-based General Membership Meeting in November. In addition, our members were able to reconnect and give back via philanthropic events like our US Hunger Event and Blackwell Scholarship Golf Tournament at the SLF 2022, one of the first industry events to move back to an in-person format in the post-pandemic environment.
In the spirit of connecting members via personal stories, we recently launched a podcast called NicsaTalk: 1-on-1 discussions with industry leaders, hosted by Nicsa’s Justine Phoenix. I think you will find that these casual, unscripted conversations, provide unique perspectives into the people and businesses that inspire us.
We are now gearing up for our 2023 Strategic Leadership Forum! I am very proud of the program that has been prepared by our dedicated SLF Committee. I hope you join me in Fort Lauderdale this March in celebration of Nicsa’s six decades of industry service. Nicsa has been a long-time partner to our industry and I look forward to watching this organization continue to evolve for the next 60 years and beyond.
With gratitude,
Jim Fitzpatrick
President & CEO
Chasing Failure is all about having a vision for a goal and knowing that the road will be paved with failure, but still proceeding with conviction and passion. This is what sets apart those who succeed beyond measure.
When was the last time you said yes to an opportunity that you knew might fail? This is the question that leadership expert Ryan Leak is asking Fortune 500 executives, NBA all-stars, and on March 1 in Fort Lauderdale: the Nicsa membership.
Join us at Nicsa’s Strategic Leadership Forum, where Ryan will share the blueprint for Chasing Failure.
Ryan Leak is an Author, Speaker, Executive Coach, and Filmmaker. He has been hired by Fortune 500 companies and professional sports franchises to work internally with specialized teams, add value for leaders and their customers, and create new initiatives for the business to better connect with the broader world. Ryan trains 15,000+ entrepreneurial leaders and speaks to over 200,000 people each year as a curator of relevant content and transformational storytelling.
The Strategic Leadership Forum is an annual keystone event from Nicsa where asset managers, wealth managers, broker dealers, and professional service firms come together to address strategic business planning. It is an opportunity for the industry’s senior leaders to network with decision makers across product development, distribution platforms, technology onboarding, governance, and client experience roles in an informal, open forum.
Industry professionals can take advantage of this unique offering by registering for the 2023 Nicsa SLF. The event will feature multiple opportunities to exchange business perspectives with leaders and innovators in our industry. See the full agenda here.
Boston, MA – January 30, 2023 – Nicsa has announced the election of four new members to its Board of Directors.
The new Board members are as follows:
Emmy Bernard, Partner, Head of Marketing & Strategic Partnerships, ACA Group
John Gray, Senior Vice President, Envision Financial Systems, Inc.
Angela Morales, Director of Alternative Investments, Charles Schwab Investment Management
Christine Selmi, Senior Vice President, Account, Treasury & Tax Services, Fidelity Investments
Ryan Burns, Senior Vice President, Northern Trust was nominated to join the Executive Committee and serve as a Vice President and Chair of the Membership Committee.
“Nicsa is proud to announce the expansion of our Board, which brings valued thought leadership and diverse perspectives to our mission of advancing best practices in the asset and wealth management industry,” said Nicsa President & CEO Jim Fitzpatrick.
At its 2022 General Membership Meeting, Nicsa announced that five new members had been elected to its Board of Directors; that information can be found here.
The full list of elected officers on the Nicsa Executive Committee include:
Chairperson: Scott Brady, Head of Product Development & Strategy, Columbia Threadneedle Investments
Vice Chairperson: Stacy Bernstein, Head of Financial Intermediaries, American Century Investments
Vice President, Content: Janet Bienkowski, Vice President, MFS Investment Management
Vice President, Membership: Ryan Burns, Senior Vice President, Northern Trust
Vice President, Audit: Lisa Halbach, Vice President, Director of Fund Administration, Bank of America/Merrill Lynch
Vice President, Nominating: Clint Harris, Executive Vice President & Head of Wealth Management Platforms, Invesco
Vice President & Treasurer: Irene Speridakos, Managing Director, Global Head of Investment Managers, BNY Mellon
View full list of Nicsa board members here.
About Nicsa
Nicsa is a not-for-profit trade association striving to connect all facets of the global asset management industry in order to develop, share, implement, and advance leading practices. For over sixty years, Nicsa has promoted an open and collaborative environment, where members’ and partners’ deep expertise and unique perspectives have come together to help strategically implement and support the industry’s most vital issues. Click here for more information about membership.
Nicsa aims to help firms operating in all segments of the global asset management industry meet the changing needs of their clients by aligning and educating industry participants through formal education programs, interactive forums, networking opportunities, and initiatives such as the Diversity Project North America. The Diversity Project’s goal is to accelerate progress towards a diverse and inclusive culture in the asset management industry to deliver the best possible results for clients, reflect the society we serve, and ensure long-term business sustainability. Click here for more information on Nicsa’s Diversity Project North America initiative.
Andrew Schlossberg is Senior Managing Director and of Invesco’s Head Americas region. He has been in the asset management industry since 1996 and has been with Invesco Ltd. since 2001, serving in multiple leadership roles across the company’s global businesses.
Mr. Schlossberg will address Nicsa members at the 2023 Strategic Leadership Forum in Ft Lauderdale this March.
Mr. Schlossberg is active within the financial services industry, currently serving on the Investment Company Institute (ICI) Board of Governors and Executive Committee. Previously, he served on the board and advisory boards of the U.K. Investment Association, ICI Global, City U.K. and the Diversity Project.
With expertise in product development strategies, retail distribution, global ETFs, EMEA, as well as institutional and retirement landscapes, Mr. Schlossberg will share his views on the future of the asset and wealth management industries.
The Strategic Leadership Forum is an annual keystone event from Nicsa where asset managers, wealth managers, broker dealers, and professional service firms come together to address strategic business planning. It is an opportunity for the industry’s senior leaders to network with decision makers across product development, distribution platforms, technology onboarding, governance, and client experience roles in an informal, open forum.
Industry professionals can take advantage of this unique offering by registering for the 2023 Nicsa SLF. The event will feature multiple opportunities to exchange business perspectives with leaders and innovators in our industry. See the full agenda here.
Dr. David Kelly, one of the industry’s most respected authorities on capital markets, will address Nicsa members at the 2023 Strategic Leadership Forum in Ft Lauderdale this March.
Dr. Kelly is the Chief Global Strategist and Head of the Global Market Insights Strategy Team for J.P. Morgan Asset Management. With a focus on investment implications of an evolving environment, Dr. Kelly will share his views on the economic landscape and prospective asset class returns.
Attendees will benefit from this Economic & Election Impact Masterclass and have an opportunity to ask questions that will shed light on an environment of rapid market change, evolving political policy, and increasing investor expectations.
The Strategic Leadership Forum is an annual keystone event from Nicsa where asset managers, wealth managers, broker dealers, and professional service firms come together to address strategic business planning. It is an opportunity for the industry’s senior leaders to network with decision makers across product development, distribution platforms, technology onboarding, governance, and client experience roles in an informal, open forum.
Industry professionals can take advantage of this unique offering by registering for the 2023 Nicsa SLF. The event will feature multiple opportunities to exchange business perspectives with leaders and innovators in our industry. See the full agenda here.
Boston, MA -- Nicsa, a leading asset management trade association, announced the winners of the 2022 Nicsa NOVA Awards at its recent General Membership Meeting. The awards recognize excellence in innovation and leadership within the asset management industry.
The 2022 award winners are as follows:
Outstanding Service to the Fund Industry - Robert L. Gould Award
Rheeta Wise, President, MFS Service Center, MFS Investment Management
Strategic Leadership Award
Anne Hebard-Duduch, Strategic Client Executive, SS&C Technologies
Industry Innovation Awards
Innovation in Distribution | Eaton Vance Advisor Institute | Chasing Positivity®
Innovation in Product Development & Marketing | State Street | Total ESG Solutions
Innovation in Technology | Citi | Proprietary Advanced Citi ETF System (ACES)
Innovation in Technology | John Hancock/Manulife | Landscape DX
Operational Excellence | FIS | Global Transfer Agency Services
Emerging Leaders
Edmarie Leatherman, Product Owner, Capital Group, American Funds
Daryn Levesque, Senior Principal Consultant (ETP), ACA Foreside Distribution Operations, ACA Group
Sarah Mahmoud, Managing Consultant, SS&C
Xiaochun Zhu, Vice President, Insigma, HengTian Software
President’s Awards
Chuck Gallant, Director, Digital and Data Products, BNY Mellon
Mark Lavan, Co-Head Retail Sales, Franklin Templeton
Kelli O'Brien, Director, North America Fund Services Product Manager, Citi
“The 2022 Nicsa NOVA Award honorees are an exceptional group of industry professionals who have demonstrated dedication, excellence. and leadership. We are very proud of their contributions to the global asset management community,” said Jim Fitzpatrick, President & CEO of Nicsa.
About Nicsa
Nicsa is a not-for-profit trade association striving to connect all facets of the global asset management industry in order to develop, share, implement, and advance leading practices. For over fifty years, Nicsa has promoted an open and collaborative environment, where members’ and partners’ deep expertise and unique perspectives have come together to help strategically implement and support the industry’s most vital issues. Click here for more information about membership.
Nicsa aims to help firms operating in all segments of the global asset management industry meet the changing needs of their clients by aligning and educating industry participants through formal education programs, interactive forums, networking opportunities, and initiatives such as the Diversity Project North America. The Diversity Project’s goal is to accelerate progress towards a diverse and inclusive culture in the asset management industry to deliver the best possible results for clients, reflect the society we serve, and ensure long-term business sustainability. Click here for more information on Nicsa’s Diversity Project North America initiative.
Thought leaders from Citi and Capital Group shared their perspectives on how to consume big data, manage its governance, and deploy comprehensive management solutions during a recent Nicsa GMM session moderated by Brad Mahaney, Managing Consultant at Aliter Investment Services.
"The amount of information available to us has grown exponentially, and that's a function of innovations in hardware storage and computational power," said Tom Lloyd, Director of Quantitative Research and Analytics at Capital Group. "Twenty to 30 years ago, storing a megabyte of data was hugely expensive. Today, we're talking about terabytes of data the same way we were talking about megabytes of data in the 80s, and they're cheap to store."
To better serve clients and shareholders, the industry must first ensure the data consumed is of high quality — and that's where artificial intelligence (AI) comes in. "One aspect of AI that we don't discuss is its role in getting data ready," said Mary Gaspar-Hillenbrand, Managing Director, Global Head of Digital Transformation at Citi. "This technology allows us to bring the right data into our data management solutions, accelerating ingestion (and resulting insights) over time."
Comprehensive Data Management Ecosystems
Ideally, vast and often siloed data should be aggregated and analyzed through comprehensive data ecosystems. To illustrate the complexity involved in creating such an ecosystem, Mahaney laid out five critical dimensions of data:
Addressing all five dimensions in a truly comprehensive data ecosystem inclusive of multiple information streams would be difficult, if not impossible, without tools like the aforementioned AI. The key is implementing such tools from the start.
"Invest in data wrangling tools and determine what is fit for your data management solution upfront," Gaspar-Hillenbrand said. "Without good data quality and an understanding of your data sources, you'll end up with conflicts within your own data management solution."
It follows that data governance — the policies and standards designed to ensure data is available, accurate, secure, and usable — is also of utmost importance. Lloyd said data governance practices should be infused into the DNA of a firm. "Everyone has a responsibility for data governance; we're a regulated industry, and that's part of our job, frankly," he said. "Opacity, if you will, is the enemy."
What's Next
Additional complexity should be expected as the industry works to embrace big data and use it to fuel growth in sales enablement, among other areas. "The ESG area, for example, is extremely complicated, yet we will have to serve that need for our clients and shareholders in the future," Lloyd said. "Ideally, it will pay dividends for our investors because that's who we serve."
In the future, personalization will enable the industry to achieve even more. "Mass customization will allow for rapid product development, leading to rapid commercialization," Gaspar-Hillenbrand said. "But I don't think the data we need for a real-time, 360-degree view of clients is quite there yet."
The data landscape will undoubtedly continue to grow and evolve. In the meantime, Gaspar-Hillenbrand recommends brainstorming practical use cases for data management ecosystems and prioritizing efforts based on goals well before deployment.
"All this new data and technology presents a great opportunity to push the boundaries, grow your businesses, and serve clients a more tailored experience." Gaspar-Hillenbrand said.
For a full replay of this session, employees of registered firms can visit Nicsa’s 2022 General Membership Meeting website.
May contain forward-looking statements subject to various uncertainties. Personal views and observations of individuals contained herein are as of the date of the live event or written material and do not necessarily reflect the views of Nicsa or its member organizations. Nothing herein is intended to be or should be construed as legal advice. Contact your own counsel in order to obtain legal advice regarding these or any other matters. The information contained herein is for informational purposes only and does not constitute a recommendation of best practices.
#DataAnalytics
In the asset management industry, harnessing data correctly helps distribution teams boost productivity and improve client engagement, among other benefits. Leaders from Franklin Templeton, Allspring Global Investments, and Morgan Stanley took a deep dive into this topic during a recent session at Nicsa’s GMM moderated by Ben Doob, Head of Market Intelligence at ISS.
Doob asked four thought-provoking questions:
For John Miller, Investment Strategies Consultant at Allspring Global Investments, the goal is to acquire datasets that cover an advisor's needs in a holistic manner. But before prioritizing what's next, he recommends reviewing existing data.
"Allspring places a significant priority on industry data when it comes to setting and creating our sales strategy across all levels of our distribution," Miller said. "While we're always thinking about what's next, there are many insights to be derived and actions to take using the data we have today. We all have those data packs that are sitting on our shelves collecting dust."
Jennifer Ball, Head of US Marketing at Franklin Templeton, said data acquisition priorities and decisions should be rooted in objectives. "That might be a strategic objective that we have, or it could be something that's far more tactical, and those things shift over time," Ball said. "It also comes down to ROI — focusing resources on the things that will move the dial for you the most."
“Ultimately, it's about finding balance," Miller said. "Take a collaborative approach with the market intelligence group and the wholesaler because in many cases, the wholesaler can provide more insight on the advisor than the data can."
Mark Smith, Executive Director, Head of Distribution Intelligence at Morgan Stanley, agreed that collaboration is critical, adding that asset managers with the most data usage success often foster strong partnerships between home office and field sales. He's even seen asset managers achieve results by creating wholesaler advisory boards.
"Select roughly five individuals that gravitate toward data," he said. "These are generally individuals in the field who grew up with data. Get them to communicate with your BI team about what they need and what they'd like to see. That goes a long way in terms of in usage of data and insights."
"We've taken a few steps back in the last couple of years with respect to any kind of predictive modeling or even algorithm usage," Ball said. "Aside from some pretty simple models, we've been focused on getting the data right, because if it’s not, you can't use it for predictive modeling."
Miller said Allspring partners with Broadridge on buying propensity scores. "I think we're scratching the surface there," he said. "But I also think that predictability with data doesn't always have to correlate with data science."
"What I mean by that is sometimes we look for predictable indicators that might be outside the box," Miller continued. "One example would be getting a list of advisors who are going through an in-house practice management program. Data tells us that those advisors tend to act once the program is completed. If we can access those types of lists, we can make sure that we're the first phone call and that we're in front of the sale. "
Miller said Allspring is working to expand its centers of influence (COI) specialist model to encourage better engagement with their clients’ leadership and open doors from the inside. The firm’s goal is to boost collaboration between those in market intelligence, data analytics, and wholesale, fostering more synergy between the groups.
"My last piece of advice is to share success stories," he said. "If you have a situation where data combined with the relationship with the wholesaler had ultimately resulted in closing a sale, I think sharing that helps with overall buy-in."
Ball said Franklin Templeton is working to maximize data across all sources to benefit segmentation and ensure that the roles marketing and sales and national accounts play across different segments are clear.
"In terms of advice, focus on the business objective first and collaborate around that," she said. "In addition, the importance of socialization, sharing successes, and change management cannot be underestimated. Historically, we've had success with early adopters; using their feedback helps us refine our approach and allows the rest of the team to see the benefits."
Smith's final advice: Don't overthink it. "Remember that we're in the third inning. It's a long ball game; take small steps and get quick wins."
For a full replay of this session, employees of registered firms can visit Nicsa’s 2022 General Membership Meeting website.
May contain forward-looking statements subject to various uncertainties. Personal views and observations of individuals contained herein are as of the date of the live event or written material and do not necessarily reflect the views of Nicsa or its member organizations. Nothing herein is intended to be or should be construed as legal advice. Contact your own counsel in order to obtain legal advice regarding these or any other matters. The information contained herein is for informational purposes only and does not constitute a recommendation of best practices.
#DistributionandSales
#DataAnalytics
Companies like Amazon, Uber, and Airbnb have radically altered customer expectations — and in doing so, they've raised the bar for everyone. As a result, people now expect Amazon-like conveniences across all industries and areas of practice, including financial services. Members of Nicsa explored this phenomenon at their 2022 General Membership Meeting.
A recent Cerulli survey was examined, including responses from approximately 10,000 affluent investors. Respondents ranked the following characteristics as extremely important in an advisor:
"Through all these factors, clients are voicing a need for customization," said Scott Smith, Director of Advice Relationships at Cerulli Associates, during Nicsa's event. Smith moderated the session, which focused on providing customized service across the client journey and featured thought leaders from Allspring Global Investments, Fidelity Investments, and MFS Investment Management.
Katie D'Angelo, Managing Director, Head of Wealth & Investment Management Partnerships at Allspring Global Investments, said the goal at her firm is to implement customization at scale.
That's why, in 2021, Allspring introduced Remi, an intelligent ecosystem offering robust capabilities for personalizing separately managed accounts (SMAs). Through a mix of investment insights and advanced technology, Remi provides clients with custom, tax-optimized portfolios.
"Remi means one who helps to guide or steer a ship. We love the notion of being that guide alongside our clients," D'Angelo said. "Ultimately, it's our job to tailor and deliver customized portfolios in a way that's easy to digest while driving the outcome they're looking for. "
Matthew Goulet, Head of Asset Management Services & Business Development at Fidelity Investments, said his focus is connecting asset managers to clients that are already on the firm's platform. "Increasingly, we're seeing that the conversation is no longer about, for example, getting a mutual fund CUSIP on the platform,” Goulet said. “Now, it’s often about tech integrations that support SMA businesses. "
Justin Hansen, Managing Director, Global Strategic Accounts, Retail SMA at MFS Investment Management, said his firm is taking a different approach. "We're not necessarily investing in the technology directly, but expanding the number of SMAs and other types of wrappers," he said.
Defining Success
The panelists also shared their definitions of success in terms of customizations.
"For us, it's pretty basic: We're very focused on market share," D'Angelo said. "It's a scale game; it's not about getting to 200 or 500 million — or even a billion. When we think about our industry, the largest of the large continue to thrive.”
"If you're niche and bespoke, you have a defined place to play, but being in the middle is getting harder and harder and harder," she continued. "We're about a $600 billion asset manager today – we need to be a trillion-dollar asset manager in the near future."
Noting that the asset management industry is notorious for over-complication, Hansen said he correlates success with simplicity. "If we listened to everyone’s input over the years, we'd have 900 share classes of every fund, and the reality is, we probably only need one," Hansen said. " I think simplification is success — for example, making it possible for clients like my mother to understand what they own. We just don't do that; I think it's an opportunity.”
Common Challenges
Goulet said that the biggest challenge in this space is time.
"Big firms like Fidelity have processes around customization, and these things take time," he said. "There are a lot of venture capital-backed fintech tools that create a buzz, but from my conversations with them, there's very little understanding of what it actually takes to go live and actually fund accounts on our platform."
D'Angelo pointed to tech adoption as a significant challenge when offering customization capabilities.
"Launching a portal doesn't mean that every broker-dealer is going to allow their advisors to get to that portal on day one," she said. 'There are big challenges anytime you're doing something new, which comes down to change management."
For a full replay of this session, employees of registered firms can visit Nicsa’s 2022 General Membership Meeting website.
May contain forward-looking statements subject to various uncertainties. Personal views and observations of individuals contained herein are as of the date of the live event or written material and do not necessarily reflect the views of Nicsa or its member organizations. Nothing herein is intended to be or should be construed as legal advice. Contact your own counsel in order to obtain legal advice regarding these or any other matters. The information contained herein is for informational purposes only and does not constitute a recommendation of best practices.
It’s one thing to hear about the latest emerging technologies — but entirely another to deploy and manage them across your firm. Leaders from top asset management companies recently showed attendees of Nicsa’s GMM how it’s done, detailing their experiences with new and innovative solutions built to advance firms worldwide.
“Traditionally, we think of fintech as artificial intelligence/machine learning, blockchain, the cloud, and data — but in underlying those four concepts is a lot of orchestration that has to happen,” said Gautam Moorjani, General Manager of Intelligent Automation Solutions at SS&C. “For us, the goal is to become the largest consumer of these technologies internally — and then also provide that value to the market.”
Disruptive Technologies and the Forces Driving Their Adoption
No discussion of disruptive technology is complete without a focus on artificial intelligence, in which computers simulate human intelligence. Applications include machine learning and natural language processing, among other use cases, which significantly reduce manual labor and streamline operations.
Implementing and adopting these technologies takes time. Sanjay Balu, VP, Sr. Director of Enterprise Applications Architecture at MFS Investment Management, said his firm has been on a five-year journey in terms of disruptive technologies. To date, it’s resulted in approximately 150 unique use cases for process automation in areas including account setup, counterparty matching, verifications, and fund redemptions.
“It’s important to keep the journey in mind,” Balu said. “We started out using bots to automate repetitive tasks. Over time, you get to a point where you can use AI to make predictions,” Balu said. “It’s a process that evolves — bring your team along with you, because everyone is hesitant to use a bot, but as soon they see the differences made, they will help you move the process forward.”
The panelists said trust is an important factor in terms of propelling the asset management industry into the future in general.
“There’s been an interesting shift in regulators responding to what they think the consumers want, and as we know, our industry’s demographics are changing,” Moorjani said. “There’s going to have to be an implicit trust in technology companies to do what’s right, and I think that will drive adoption of these new technologies.”
Jim Fanning, Director, Global Financial Services Leader for North America at Amazon Web Services (AWS), agreed, pointing to a growing public understanding that organizations are often more secure when running on the cloud.
“It's generally accepted that the amount of investment dollars that cloud service providers (CSPs) are pouring into security on an annual basis is much larger than any individual firm can do on their own,” Fanning said. “Just recently, the U.S. Securities and Exchange Commission (SEC) posted a ‘Notice of No Objection’ ruling regarding the OCC’s request to use the cloud for clearing, data management, and risk management in 2025. That speaks quite a bit to the fact that cloud security is considered top-notch.”
When put into practice, cloud technology also allows firms to store the massive amounts of data and computing power required to drive artificial intelligence. Fanning said any firm looking to deploy and manage such innovations should do so via public cloud services from the start.
“Storing massive amounts of data on-premise is expensive, and it's ever-growing,” he said. “What the cloud service providers like AWS provide is essentially a utility. Just like electricity to your home — you pay for what you use when you need it. That allows data scientists to run experiments with essentially infinite computing power, and then shut them down at any point in time and stop paying for the service. It’s a much better model than buying hardware in advance and trying to predict how much you're going to need at any given time.”
Before wrapping up the event, panelists shared key takeaways they’ve learned from their digital transformation experiences so that you don’t have to:
For a full replay of this session, employees of registered firms can visit Nicsa’s 2022 General Membership Meeting website.
May contain forward-looking statements subject to various uncertainties. Personal views and observations of individuals contained herein are as of the date of the live event or written material and do not necessarily reflect the views of Nicsa or its member organizations. Nothing herein is intended to be or should be construed as legal advice. Contact your own counsel in order to obtain legal advice regarding these or any other matters. The information contained herein is for informational purposes only and does not constitute a recommendation of best practices.
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